The cryptocurrency market endured a sharp selloff on August 29, 2019, with major altcoins posting significant losses as Bitcoin’s downward trend dragged the entire digital asset space lower. Ethereum, Litecoin, Bitcoin Cash, and a broad range of alternative cryptocurrencies recorded double-digit weekly declines, underscoring the bearish momentum that had taken hold of the market during the final week of August.
TL;DR
- Ethereum dropped to $169.52, down 2.6% on the day and nearly 12% for the week
- Litecoin fell 4.7% daily and 13% weekly to $64.10
- Bitcoin Cash declined 3.7% to $280.74, with a 9.3% weekly loss
- Ethereum Classic was among the hardest hit, plunging 7.5% in 24 hours
- Binance Coin suffered a 7.3% daily drop and nearly 19% weekly decline
Altcoins Bear the Brunt of Market Weakness
While Bitcoin grabbed headlines for its slide below $9,600, the damage across the altcoin market was considerably more severe. Data from CoinMarketCap’s historical snapshot for August 29 shows that virtually every major alternative cryptocurrency was deep in the red, with weekly losses far exceeding Bitcoin’s own 6.3% decline over the same period.
Ethereum, the second-largest cryptocurrency by market capitalization, was trading at $169.52 — down 2.59% over 24 hours and a steeper 11.73% over the trailing seven days. The decline brought ETH well below the $200 psychological level that had served as a key support throughout much of the summer. With a market capitalization of approximately $18.2 billion, Ethereum’s losses alone wiped billions from the total crypto market cap.
Litecoin’s Halving Hangover Continues
Litecoin was one of the worst performers among major altcoins, falling 4.74% on the day to $64.10 and recording a weekly loss of nearly 13%. The decline extended a painful post-halving trend for LTC, which had seen its price steadily erode since its block reward halving on August 5, 2019. The halving — which reduced the block reward from 25 LTC to 12.5 LTC — had been widely anticipated as a bullish catalyst, but the reality proved far more sobering for Litecoin holders.
With a market capitalization of roughly $4 billion, Litecoin had fallen dramatically from its late June highs near $140, losing more than half its value in just two months. The weekly loss of 12.96% was among the steepest of any top-ten cryptocurrency.
Broader Market Carnage
The selloff was not limited to the largest altcoins. Binance Coin (BNB), which had been one of the standout performers of 2019, dropped 7.28% on the day to $21.89, with a devastating weekly decline of 19.13%. Ethereum Classic (ETC) plunged 7.50% in 24 hours and 18.66% for the week, trading at just $5.95.
Monero (XMR) fell 7.12% to $67.16, losing 18.33% over the week. Huobi Token (HT) was hammered with a 7.93% daily drop and a 20.57% weekly decline — the worst weekly performance among the top 20 cryptocurrencies. Dash (-5.38%), Tezos (-5.37%), and Chainlink (-6.20%) also posted meaningful losses.
The only notable outlier was IOTA, which managed a 3.05% daily gain, though it still registered a 5% loss for the week. XRP was another relative safe haven, posting a modest 0.24% daily gain at $0.257, though its 5.13% weekly decline told a more bearish story.
Total Market Under Pressure
The combined cryptocurrency market capitalization was under significant pressure as August drew to a close. Bitcoin’s market dominance remained near 65%, but the total market cap had shed tens of billions from its mid-year peaks. The top five cryptocurrencies — Bitcoin ($9,510), Ethereum ($169.52), XRP ($0.257), Bitcoin Cash ($280.74), and Litecoin ($64.10) — all reflected the risk-off sentiment prevailing across the space.
Trading volumes told the story of intensifying selling pressure. Kraken reported $163 million traded across all its markets on August 29, with Bitcoin accounting for $119 million of that volume. The broader selling was visible across virtually every trading pair.
Why This Matters
The late August 2019 altcoin selloff highlighted a recurring pattern in cryptocurrency markets: altcoins tend to amplify Bitcoin’s movements in both directions. When Bitcoin entered its own corrective phase — dropping from highs above $12,000 — altcoins suffered disproportionately. The Litecoin post-halving crash served as a cautionary tale about pricing in anticipated events, while the broader decline reminded investors that the 2019 crypto market, despite its strong first-half rally, remained deeply cyclical and volatile. The damage across DeFi tokens, exchange tokens, and privacy coins alike showed that no sector of the altcoin market was immune when macro sentiment turned negative.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always do your own research before making investment decisions.